A subsequent ASX report identified a hardware failure as the triggering event of the incident, resulting in the late opening and early closing of the market on 19 September 2016.

"Secondary issues arising from this failure are also being investigated by ASX, and we will also review the conclusions from this further work," said ASIC.

The corporate regulator noted that Australian trading platforms have at least met global benchmarks for up-times and reliability, with up-times on an annual basis close to 100 per cent.

"The purpose of ASIC’s ongoing review is to determine whether there are any changes which could assist the market and market users to function more effectively, should such circumstances reoccur in the future," said ASIC.

"We will issue a report that develops these themes. This work will draw on our own observations, as well as industry feedback and perspectives on international approaches to incident management."